Financial Services

Overview

A prominent financial services organization, renowned for its network of independent agents dedicated to helping families and individuals secure their financial futures was facing its own future challenges. A combination of market and technology changes were making it difficult for them to grow their customer base while maintaining industry-leading levels of customer satisfaction.

Their solution was to switch to bolttech’s digital insurance platform to fuel growth in quoted premiums. Their investment paid off with both the top-line growth as well as significantly improved customer satisfaction, operational efficiency, and overall agent productivity.

The challenge

The provider recognized the need to expand its product offerings beyond traditional life insurance and annuities. The market landscape had made it critical to provide comprehensive financial wellness solutions for its clients. But the company’s existing systems were not fully optimized for the digital age, hindering its ability to deliver the seamless, personalized service that modern consumers expect.

With the increasing complexity of financial planning, the provider wanted to offer additional services to remain top of mind for its clients. This became particularly important in the face of the hard insurance market, rising coverage gaps in home insurance, and increasing premiums.

The company faced the challenge of providing a more comprehensive suite of products while ensuring a superior customer experience in a rapidly changing market.

What we delivered

bolttech’s comprehensive digital insurance platform is designed to transform the provider’s operations and support its network of independent agents.

Our plug-and-play SaaS solution allows providers to be up and running in a matter of weeks.

Platform – The platform streamlined the quoting process, enabling agents to generate quotes more efficiently and secure new business at a faster rate.
User Experience – The provider was able to expand its reach into new markets while offering a faster, more intuitive customer experience. The improved delivery has strengthened customer loyalty and increased their ability to bundle products.
Agent Experience – The platform’s advanced features empowered agents to provide more comprehensive financial solutions.

Results

The partnership with bolttech yielded impressive results for the financial services provider. Over the course of a year, the company experienced a remarkable year-over-year growth in quoted premiums of 100%, underscoring the platform’s effectiveness in increasing the funnel. These results carried through with the improvements in bind rate of over 135%, demonstrating the platform’s ability to convert quotes into secured policies more effectively. The introduction of the platform systemically improved the end-to-end process. In addition to this financial success, the provider achieved an increase of 80%+ in its Net Promoter Score, reflecting a substantial improvement in customer satisfaction and loyalty. The provider is now positioned to take advantage of the ongoing innovation and updates with no risk of falling behind or incurring technical debt.

75%+

In increased revenue

80%+

Improved Net Promoter score

135%

Conversion increase

41%

Increase in customer product choice

Conclusion

bolttech‘s embedded digital insurance platform drives revenue growth for financial services providers while enhancing customer satisfaction, agent productivity, and operational efficiency. It improves both the top and bottom line.

By modernizing its approach and leveraging innovative technology, this leading financial services provider was able to expand its market presence, improve customer loyalty, and drive sustained financial success. The success of this partnership highlights the importance of digital transformation in maintaining a competitive edge in the financial services industry.

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